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Odessa Real Estate Market Overview
Discover the charm of Odessa, FL, where the housing market is as welcoming as the sunny climate. If you're considering purchasing a home in this enchanting locale, you're engaging with a market that promises both competitive pricing and compelling property value growth.
Odessa's real estate market is dynamic and somewhat competitive. The median sale price for homes has seen a healthy increase of 6.9% since last year, reaching $521K. This trend is underscored by the significant rise in the median sale price per square foot, which has soared by 29.7% to $279, showcasing the area's increasing desirability.
September 2023 marked a period of continued growth, with home prices climbing by 6.9% compared to the previous year. Homes are moving swiftly, with an average sale time of 13 days, only slightly higher than last year's 11 days. Although the number of homes sold has decreased from 23 to 16 compared to last year, the demand in Odessa remains strong.
Odessa's market heat is palpable, with homes selling within an average of 16.5 days. While some homes receive multiple offers, on average, properties sell for about 3% below the asking price and go pending in around 17 days. The most in-demand homes — the 'hot homes' — may sell for around the listing price and can go pending in as few as 7 days.
The data between August and October 2023 reflects a community on the move, with 31% of homebuyers looking to relocate outside of Odessa, while a significant 69% opt to remain within the metro area.
Odessa is not only retaining its residents but also attracting new ones, with 2% of homebuyers nationwide looking to move into the area, particularly from New York, Washington, and Chicago.
Those looking to move away from Odessa tend to stay close, with 69% searching for homes within the metropolitan area. The preferred relocation spots include Orlando, Sarasota, and Asheville.
Opting for Odessa means investing in a market known for its vitality and potential for growth. Whether it's a family residence or an investment property, Odessa's market is ripe for a variety of buyer needs.
Our team is poised to assist you in navigating the Odessa real estate market. With deep knowledge of current trends and a commitment to your goals, we are your partners in finding the perfect Odessa home. Reach out to us, and let's turn your home ownership dreams into reality.
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With over 40+ years of experience, Joe has proven himself to be a prominent figure in the Tampa Bay Real Estate market. Selling thousands of homes throughout his career, Joe is known for his exceptional customer service, attention to detail, market-savviness, and calculated decisions.